Autodesk 1Q net income up 14 percent
Software company Autodesk Inc. said Thursday that is first-quarter profit rose 14 percent as revenue rose sharply, but the company said that its second quarter sales will be lower than Wall Street expected and its shares tumbled almost 8 percent in aftermarket trading.
Autodesk said it expects revenue in the current quarter to be between $580 million and $600 million. Analysts were expecting $600.6 million, according to a survey by FactSet.
The company said it expects its adjusted net income in the quarter will be between 46 cents per share and 51 cents per share. Analysts were looking for 51 cents per share, according to FactSet.
Autodesk said it expects full-year revenue to be up at least 10 percent from last year when revenue was $2.22 billion. That implies revenue of at least roughly $2.44 billion. Analysts are expecting $2.45 billion.
The company said that during the quarter ended April 30, it earned net income of $78.9 million, or 34 cents per share, compared to $69.3 million, or 29 cents per share, in the same period a year before.
The company also reported adjusted net income, excluding one-time items, of 47 cents per share, compared to an adjusted 40 cents per share in the same quarter last year.
Analysts were expecting adjusted net income of 47 cents per share, according to FactSet.
Revenue rose to $588.6 million from $528.3 million in the prior year period. Analysts were expecting $586.4 million.
Shares dropped $2.73 to $32during aftermarket trading. During the regular trading session Thursday the stock lost $1.16 to close at $34.73.